From Bank to Battlefield

Gallery

This selection of photographs from the Reserve Bank of Australia's archives documents aspects
of the building of the Bank's head office, and the Bank's involvement in raising funds
through the sale of
War Loan Bonds, and then Peace Loan Bonds after the war's conclusion. During this period, the
Bank had a role as the government printer and had an official
photographer who documented scenes in the nation's financial life.

Establishing the Bank

Upon becoming the Bank's Governor in 1912, Denison Miller decided that Sydney, the
largest city in the Commonwealth, should be the site of the head office. A site on the
corner of Pitt Street and Moore Street (now Martin Place) was purchased for £93,000 by
the Commonwealth Government on 23 October 1912.

The Laying of the Foundation Stones

The foundation stones for the head office were laid on 14 May 1913. Equipped with a
gold trowel, the Prime Minister and Commonwealth Treasurer, Andrew Fisher, and the
Bank's Governor, Denison Miller, each laid a foundation stone.

Construction Begins

During his travels to England, Europe and the United States, the Bank's
Governor, Denison Miller, studied the architecture of the banks and returned with
ideas for the design of the building, which he communicated to the building's
architect, John Kirkpatrick.

Reaching 150 feet

The new 10-storey structure rose to the full height allowed by the Height of
Buildings Act 1912 (NSW), which prohibited the construction of any building
higher than 150 feet. The building was one of the first large-scale, steel-framed
skyscrapers in Australia.

The Opening

The building's opening on 22 August 1916 was a remarkable occasion, with crowds
amassing in Martin Place for the ceremony. During the years of World War I and its
aftermath, the head office became the setting for successful campaigns to raise
funds, so consolidating the Bank's role as a national institution and its
association with patriotism in the minds of Australians.

Funding the War Effort

Early in 1915, the British Government began to feel the financial pressure of the war
and indicated to the Australian Government that it would need to finance its own share
of the war effort. The Government decided to raise loans from the public, and the
Commonwealth Bank was entrusted with the task of managing the operation on behalf of the
Commonwealth Government.

Early War Loan Campaigns, 1915–1917

On the 1 July 1915, the first of seven war loans was launched with the Government
hoping to raise £5 million. Public enthusiasm for the war effort was so great that
the sum received at the close of the first loan was more than £13 million. The
success of the first loan was achieved by a general newspaper appeal, but with the
second loan, launched on 1 December 1915, a circular was posted to every resident in
Australia who had an income of £300 or more per year, urging their support.

With the third loan of 1 June 1916, a more vigorous appeal was made to attract
smaller subscribers. Only six months after the third loan appeal, a fourth was
opened on 23 December 1916. The fifth war loan began on 6 September 1917. Dubbed
the ‘Liberty Loan’, the title linked Australia with the United States
and its name for loan campaigns.

‘Before Sunset’: The Sixth War Loan Campaign, and Tank Week, 1918

The sixth war loan was launched on 17 February 1918. As in other countries of the
British Empire, tanks were used to demonstrate advances in military technology, and
to attract money for the war effort. ‘Tank Week’ was held from 3 to 10
April 1918. Sir Walter Davidson, the Governor of New South Wales, opened the week
outside the Commonwealth Bank's head office, delivering his address from an
observation platform on a model tank.

Tanks in Sydney's Suburbs

As part of the sixth war loan campaign, model tanks toured to Sydney's suburbs,
including Balmain, Bondi, Mosman, Newtown, North Sydney, Randwick and Redfern.

Travelling Tank Banks

Model tanks toured to regional areas, and across Australia. Different model tanks
were used, so that Tank Week could occur simultaneously throughout the country.
Owing to the success of the initial Tank Week (3–10 April 1918), its duration
was extended.

‘Save and Serve’: The Seventh War Loan Campaign, 1918

To promote public interest in the seventh war loan campaign, a model destroyer,
named HMAS Australia, was erected in Martin Place, Sydney. At the launch a
ceremony took place from the bow of the destroyer and its guns were fired. As The
Sun newspaper reported, ‘The whistle of the boat sounded a joyous blast
and a thick column of smoke from the funnel completed the symbol of sending the
Seventh War Loan on its voyage to success’ (The Sun, 16 September,
1918, p 6).

Branches at Home

The Commonwealth Bank coordinated with the Defence Department to operate branches at
the military training camps, so helping the service people to open savings accounts
and access their money while overseas.

Branches Abroad

The Commonwealth Bank opened branches in London to assist Australian service people.
As Australian troops were stationed chiefly on Salisbury Plain, a branch of the Bank
was opened at Tidworth Barracks in June 1916 to facilitate their banking needs.
Additional branches were opened in Warminster, Weymouth and Hurdcott.

Establishing Peace

Representatives of Britain and France signed the Armistice with Germany on 11 November
1918, ending World War I. Some 170,000 Australians suffered from injuries and illness,
and the Repatriation Department was formed by the Australian Government to manage
assistance, pensions and training for veterans and war widows. The Bank was again
engaged to manage the raising of funds through a series of three campaigns.

Armistice Celebration, 1918

Crowds amassed in Martin Place, Sydney, as news of the Armistice began to reach
Australia. The model destroyer, HMAS Australia, previously a focal point of
the last war loan campaign, now served as a platform for speeches during the
celebrations. William Holman, Premier of New South Wales, pledged in his speech
that ‘From this victory we hope to emerge with such a reign of continuous
peace that none of the nations will again ever dare attempt to break it’ (The
Sydney Morning Herald, 13 November 1918).

‘Finish the Job’: The First Peace Loan, 1919

At the end of World War I, Australia remained in dire need of funds and so a new
series of campaigns was launched, with the first peace loan being announced in the
Federal Parliament on 30 July 1919. The amount requested was £25 million, but the
Commonwealth Government was cautious in believing that this sum could be raised
after the enduring financial strain of the war loan campaigns. As with those loans,
a publicity scheme was initiated with prominent advertisements in the principal
newspapers. On 13 September 1919, the Prime Minister, Billy Hughes, appealed for the
peace loans at the ‘Temple of Peace’, Martin Place. Ultimately, the loan
was oversubscribed by £25,370.

Visit of Edward, the Prince of Wales, and the Second Peace Loan, 1920

The second peace loan campaign was launched in July 1920, and one of its first
subscribers was Edward, the Prince of Wales, who was visiting 110 cities and towns
across the country to thank Australians for their contributions and sacrifices
during the war. The Prince had served in the war and shouts of ‘Digger’
accompanied him throughout his visit until he became known affectionately as
the ‘Digger Prince’. This loan was subscribed to the sum of £26,612,560.

‘The Digger's Loan’: The Third Peace Loan, 1921

In 1921 the third and final peace loan, known as the ‘Diggers Loan’, set
the target sum of £10 million, and exceeded this amount by nearly £100,000. The
official launch took place outside the Bank's head office, Sydney, at noon on 8
August 1921. The celebrated soprano Dame Nellie Melba was invited to cut the launch's
ribbon using a pair of scissors made by ex-servicemen from the Vocational Training
School in Sydney's Redfern. Once the ribbon was cut, coloured streamers, bunting
and balloons were released, along with a flight of pigeons carrying messages that
advised the public to invest in the bonds.

‘Diggerville’

‘Diggerville’ comprised a series of temporary buildings erected by the
Repatriation Department in Sydney's Martin Place and outside Melbourne's
Town Hall. They housed various workshops, and returned service people demonstrated
different types of vocational training. Each of the huts in Martin Place was named
after a battle in which the Australian Imperial Force participated, including Lone
Pine, Peronne, Cocos Island and Messines. The vocational training scheme was not
only available to ex-servicemen but also to war widows and nurses who were given the
opportunity to train in such occupations as nursing, dressmaking and millinery.

Constructing War Service Homes

The funds from the peace loans were also used to assist in purchasing and
constructing war service homes for ex-service people throughout Australia.

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